THE ECONOMICS OFCOGENERATION IN A LIBERALISEDENERGY MARKET

摘要

The decision whether or not to install cogeneration units mainly depends on individualrneconomic considerations, combined with ecological awareness. In countries with ratherrnunfavourable economic conditions for cogeneration, government support or similar systemsrnare considered. Although the economic feasibility of a cogeneration unit still stronglyrndepends on site-specific parameters, some general trends can be found.rnThis paper clarifies which are the most important aspects in an economic evaluation of arncogeneration plant, considering the context of a liberalised energy market. Also arnmethodology for calculating the economic feasibility is set up.rnFirstly, the methodology is used to make a general analysis of the economic feasibility ofrncogeneration in Belgium, taking into account the specific Belgian support systems. Differentrncogeneration technologies, including microturbines as a relatively new technology, arernconsidered, as well as a broad range of sizes. Using average data makes it possible torncompare those different sizes and technologies, and to draw some general conclusions for thernBelgian situation.After this Belgian case study, simulations are performed to quantify the impact of thernvariation of some crucial parameters on the economic feasibility of cogeneration. Rankingrnthose parameters by their economic impact, shows the high importance of the reliability ofrnthe installation, the electricity prices and the operating time. Two important groups ofrnparameters are considered more thoroughly. The first group of parameters consists of therndifferent types of government support schemes, which obviously all have a positive influencernon the economic feasibility of cogeneration, but in very different ways. Secondly, the impactrnof changing energy prices is examined, concluding that (gas-fired) cogeneration should notrnnecessarily fear the rise of gas prices. Some known support systems are examined andrncompared. Where quantitative conclusions of this sensitivity analysis are based on specificrninputs for Belgium, qualitative conclusions are still applicable to all similar countries.